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Partnerships

Even the strongest relationships can suffer in times of adversity. Good planning is an essential part of creating a successful business partnership. Our guides provide information on important aspects of your partnership, such as setting up a formal agreement and planning for the unexpected. It is essential to seek our advice with regard to partnerships matters.

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If you form a partnership, you must register it separately with HMRC even if the partners have previously been self employed. If the partners are new to business, they must also register individually. Partnerships are registered with a dedicated HMRC partnership team, based at Longbenton near Newcastle.

An LLP is a form of separate legal business entity that gives the benefits of limited liability but allows its members the flexibility of organising their internal structure as a traditional partnership. They are intended for businesses which carry on a trade or profession, and are particularly attractive to larger professional partnerships.

Raising finance for businesses following the banking crisis is challenging to say the least. If you are thinking of expanding your business, or starting a new one, you will need to raise finance. What are your options?